The Nigerian Insurers Association (NIA) has congratulated seven insurance companies that recently received operational licences from the National Insurance Commission (NAICOM) after meeting the regulator’s recapitalisation requirements.
The association said the latest approvals marked the completion of the industry-wide recapitalisation exercise and represented an important milestone in efforts to strengthen Nigeria’s insurance market.
In a statement, NIA Chairman, Ebelechukwu Nwachukwu, said the newly licensed firms had demonstrated resilience, financial discipline and corporate capacity by successfully completing the final verification process.
She noted that the seven companies, together with 41 insurers and two reinsurance companies previously approved, had emerged from the exercise with stronger capital positions and improved capacity to serve policyholders.
According to Nwachukwu, achieving full compliance despite prevailing macroeconomic and operational pressures demonstrated the strength and adaptability of insurance companies operating in the country.
She also commended NAICOM for its regulatory oversight throughout the recapitalisation process, particularly its approach to market integrity and implementation of the exercise.
Nwachukwu said the regulator’s structured execution had contributed to positioning the Nigerian insurance industry as a more resilient and competitive component of the country’s financial system.
The NIA chairman further pledged the association’s continued support for member companies as they adjust to the evolving regulatory environment.
She said the association would work closely with NAICOM to facilitate compliance with new requirements and support the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Nwachukwu also sought to reassure policyholders, investors and other stakeholders that the recapitalised market was better positioned to support economic activity.
She said stronger capitalisation would enhance insurers’ ability to settle legitimate claims, take on larger risks locally and internationally, and contribute more significantly to financial stability.
According to her, the completion of the recapitalisation programme has ushered the Nigerian insurance industry into a new phase of growth, with the sector positioned to contribute to the Federal Government’s ambition of building a $1 trillion economy by 2030.
